Aug. 14 (Bloomberg) -- Corn futures rose, capping the longest rally since February, after government data showed yields trailed estimates by analysts for crops in the U.S., the world’s top producer and exporter. Soybeans and wheat gained.
On Aug. 12, the Department of Agriculture said that corn yields will average 167.4 bushels an acre, compared with 170.2 bushels predicted in a Bloomberg survey. As of Aug. 10, 73 percent of the crop was rated in good to excellent condition, the highest for the week since 2004, USDA data show.
“We really don’t know yet where we’re at” on crop size, Jacquie Voeks, a senior market adviser at Stewart-Peterson Group in West Bend, Wisconsin, said in a telephone interview. “I think that corn yield number is too low. The next report and every subsequent report will definitely improve the picture.”
Corn futures for December delivery rose 1 percent to close at $3.735 a bushel on the Chicago Board of Trade. Earlier, the price reached $3.745, the highest for a most-active contract since Aug. 6. The grain climbed for the fourth straight day, the longest rally since Feb. 20.
In the four weeks ended Aug. 7, corn exports for delivery in the 12 months that start Sept. 1 jumped 42 percent from a year earlier, USDA data showed today.
Soybean futures for November delivery climbed 0.9 percent to $10.56 a bushel, snapping a three-day slump. Earlier, the oilseed touched $10.3875, the lowest since Sept. 17, 2010.
Soybean-oil futures for December delivery dropped 1.3 percent to 33.86 cents a pound. Earlier, the price touched 33.62 cents, the lowest since Sept. 30, 2009. The commodity dropped for the sixth straight session, the longest slump since June 2.
Wheat futures for December delivery rose 1.3 percent to $5.5275 a bushel, the biggest increase since Aug. 6.